Marylanders’ credit card debt is among the nation’s highest

Maryland borrowers carry a median credit card debt of $2,042 — the fourth highest in the United States, according to data released this week by Americans for Fairness in Lending.

“These figures go hand in hand with all other consumer debt,” said Wanda Bhola, housing services coordinator for the Harford County Housing Agency.

“The burden of credit card debt is felt in every state across America, with devastating impact on consumers and communities everywhere,” said Jim Campen, executive director of AFIL. “Unfair practices by credit card companies are fueling these high debt levels.”

Campen and AFIL have urged consumers to look out for common practices credit card companies employ to increase payment fees and penalties.

Common practices include doubling and tripling interest rates, applying higher interest rates retroactively to outstanding balances and imposing high penalty fees.

Ted Provenza, a certified estate planner with the Provenza Group in Owings Mills, said consumers need to be frugal with what they have during tough economic times.

“Most people have come to take luxuries as necessities, and they’re spend money they don’t have and jeopardizing their future,” Provenza said.

“The only debt you should have is your mortgage, which people from the old school are doing, and they’re the ones who are doing well financially.”

acannarsa@baltimoreexaminer.com